Thousands upon thousands of families up and down the country are continuing to struggle under the pressures of soaring household bills as the cost of living crisis bites - but costs are predicted to worsen dramatically by autumn. Household energy bills have already rocketed for millions of brits across the UK after Ofgem bumped up the price cap to just under £2,000 in April.
However, prices are expected to rise again in October as the regulator's boss has warned its price cap is set to jump to around £2,800. It would represent a sharp increase from the current cap for the average household from £1,971 for those on default tariffs paying by direct debit.
This itself was only introduced in April after a 54 per cent jump, or £693 a year, due to rapidly rising wholesale energy costs. On Tuesday, May 24, Ofgem chief executive Jonathan Brearley told MPs the energy price cap is expected to increase by a further £830 to £2,800 in October, describing it as a “very distressing time for customers”.
